Coinbase has registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain and has obtained the necessary licenses. As a result, the crypto exchange platform can now offer its full suite of products and services to both retail and corporate clients across Spain.
Coinbase explained that its AML registration with the Bank of Spain news comes as part of the second phase of its strategy for international expansion titled ‘Go Broad, Go Deep’.
The crypto exchange platform explained that a key part of ‘Phase II’ of international expansion is to focus on acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ‘Go Deep’ markets that are enacting clear rules, such as Spain.
Following approval from the Bank of Spain, users will now gain access to the following services:
- Custody of crypto assets
- Buying or selling crypto assets in legal tender
- Trading crypto assets against other crypto assets
Nana Murugesan, vice president of international and business development at Coinbase, said: “We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain.
“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry. In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”
EU MiCA regulations pip other jurisdictions to the post
Coinbase prioritised Spain for international expansion as it recognised that much of the population remains ‘pro-crypto’ despite a wave of negative press during the last year. In fact, it revealed that around 29 per cent of adults in Spain believe crypto is the future of finance.
The recent adoption of Markets in Crypto-Assets (MiCA) regulation by European Union policymakers also represents a pivotal moment for cryptocurrencies in the region. The regulatory clarity MiCA provides has proved a popular implementation and shows that the region is recognising the potential that new, emerging technology can provide.
Coinbase believes that the EU is stepping up to the mark, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry.
Cryptocurrencies are now also the second most popular payment method in Spain, having overtaken bank transfers. Furthermore, research by Bitnovo showed that 60.7 per cent of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, and 35.7 per cent to make payments.
